When you decide to purchase a home in Florida, it’s important to understand all of your legal rights and be comfortable with the process. Whether you’re a first time home buyer or looking to purchase a second home, you need to work with a real estate team that you can trust and depend on throughout the home buying process, and stay in touch with after the transaction is complete.
Florida law requires that all real estate agents provide the buyer and seller with up-to-date information that represents the real estate transaction and every agent must disclose their relationship with both parties under The Brokerage Relationship Disclosure Act. Take a close look at the Florida homebuying process so that you can make the most informed decisions when purchasing a home:
Working with a Real Estate Agent
The first step in the home buying process is to find a trustworthy and knowledgeable real estate agent. Real estate agents in Florida have a “fiduciary duty” to the people they are representing and must comply with certain rules and regulations. All of these duties are listed in your listing agreement and other contracts, and indicate that the real estate agent will practice loyalty, confidentiality, full disclosure, and deal with all parties honestly and fairly. They must also present all offers and counteroffers in a timely manner so as not to manipulate the outcome of the transaction.
Florida Home Inspections
When you have found a property that interests you, you will need to work with a home inspection service provider to conduct a full assessment or examination of the home. The home inspection will give you an idea of how much it might cost to repair the home, and what types of defects the home has. A home inspection will include a thorough assessment of:
- Structural makeup
- Electrical systems
- Plumbing systems
- Heating and cooling systems
- Mold
- Landscaping
You may also need additional services such as radon testing, septic inspections or termite inspections.
Legal Titles in Florida
You will need to work with a Florida real estate attorney or a certified title company to investigate the legal title of the property you are interested in. The primary goal in working with a title company or real estate attorney is to determine what types of liens the property may be subject to. In the State of Florida, property liens typically include:
- Tax liens
- Federal and state tax liens
- Mechanics liens
- Unpaid child support situations
- Construction liens
Getting a Mortgage
In the State of Florida, you must sign a contract that serves as a security interest in your house – the mortgage. Basically, a mortgage is a promissory note that uses the property as collateral. If you don’t make your mortgage payments on time, the financial institution that granted the mortgage has the right to sell your house in order to pay off the loan amount.
Making The Offer
Putting down an offer for a home does require some strategic thinking, and this is where it helps to work with a trustworthy and knowledgeable real estate agent. Buying a home can be a great long-term investment for you, but you do need to take the time to review several different homes and set a budget. Keep in mind that there are many reasonable requests you can make with an offer. You might ask the seller to help with the closing costs, or cover some of the inspection costs and fees. You might also ask the seller for more time to secure financing, or have them cover homeowner’s association fees. Working with a reputable agent will help you make the most informed decision at this critical stage.
Contact the CHIODO Team today to learn more about the homebuying process.
